USDC

However, it soon became clear that BlackRock had not submitted the filing, as Bloomberg Senior ETF Analyst Eric Balchunas and others debunked the rumor. 
The false BlackRock XRP fund news was circulated by various media outlets and analysts, adding to the buying pressure on <a href="https://financefeeds.com/ripples-xrp-gains-dfsa-approval-for-dubai-financial-centre-use/">XRP</a>. The misinformation, which used BlackRock executive names, led to a brief 7% increase in XRP’s value before it lost its gains. 
In recent months, there has been speculation about BlackRock's interest in cryptocurrencies, particularly XRP. Despite these rumors, BlackRock has maintained its focus on more established cryptocurrencies, filing for ETFs based on bitcoin and ether. The U.S. Securities and Exchange Commission (SEC), however, has not approved any spot crypto ETFs yet, though it is considering several applications. 
Additionally, BlackRock, known for its cautious approach in the crypto sector, is unlikely to create a high-risk product like an XRP ETF, especially considering <a href="https://financefeeds.com/xrp-up-50-ytd-as-sec-drops-charges-against-founders/">XRP's ongoing</a> legal challenges with the SEC. 
The Delaware incident is not the first time false filings have been used to manipulate crypto prices. In 2021, similar filings incorrectly suggested that Grayscale was planning trust vehicles for cryptocurrencies it had no intention of supporting. These incidents highlight a pattern where the corporate registration process in Delaware is exploited to influence the crypto market. 
<a href="https://financefeeds.com/blackrock-pays-2-5-million-fine-to-sec-for-misleading-investors/">BlackRock’s bitcoin ETF</a> application is highly anticipated, given its status as a $9 trillion asset manager with a strong track record of SEC approvals. Analysts suggest that BlackRock’s approval rate with the SEC stands at roughly 575-1. 
Despite the crypto winter, <a href="https://financefeeds.com/upvest-and-blackrock-team-up-to-address-surge-in-european-retail-investment/">BlackRock</a> has been increasing its exposure to digital assets space and blockchain technology. The asset manager made headlines in January after it added bitcoin as an eligible investment to its flagship Global Allocation Fund, which is one of the most preferred vehicles for ordinary and passive investors. 
A company filing shows that the move enables BlackRock to allocate part of the fund’s $15 billion to cash-settled bitcoin futures traded on commodity exchanges registered with the CFTC. In December, the New York-based financial conglomerate announced the launch of&nbsp;<a href="https://financefeeds.com/blkc-blackrock-launches-ishares-blockchain-technology-ucits-etf/">its crypto ETF in Europe</a>&nbsp;despite the regulatory concerns in the continent. 
BlackRock also participated in a $400 million funding round for Boston-based fintech startup Circle. In addition to its investment and role as a primary asset manager of USDC cash reserves, BlackRock entered into a partnership with Circle to explore capital market applications for its stablecoin.

False BlackRock XRP fund filing sparks brief rally

FinanceFeeds

Other articles published on Nov 15, 2023

Bitcoin Exchange Binance Announces This Altcoin Will Support Network Upgrade!

AI-Powered Tool Offers Insight on Combating Plastic Pollution

AI Cryptocurrencies and the Investment Horizon of 2023

Binance Japan Boosts Crypto Offerings with 13 New Tokens

Hex Trust Expands Global Reach with Full Crypto Licence in Dubai

BlockSec Launches Phalcon Block: The World’s First Crypto Hack Blocking System for Web3 Security

Join our free newsletter for daily crypto updates!